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Downtown Revolving Loan Fund
Fund Overview
The Revolving Loan Fund (RLF) was created to assist new and existing businesses in the downtown Aberdeen area. The Aberdeen Business Improvement District (BID) has received funding from the Department of Housing and Urban Development (HUD) to assist new and existing businesses in the core area. Loans may be used for acquiring land, buildings, making renovations, machinery and equipment, capital improvements, leasehold improvements, and reasonable contingencies.

The Revolving Loan Fund is being administered by Northeast Council of Governments Development Corporation (NECOG-DC) and applications will be reviewed at the NECOG-DC Board's normal monthly meeting. Complete applications must be into the NECOG office at least 10 days prior to the date of that month’s board meeting for consideration. This board makes all decisions (including financing terms) regarding the applications.

Fees
There are some fees involved with the loan that you may be responsible for including:
  • A 1.0% loan origination fee
  • Attorney fees
  • Filing fees
  • Title insurance fees (if applicable)

These fees will be due at the time of loan closing, if a loan is approved. You will be required to provide $25 at the time the application is received by the RLF manager for a credit check.

Application Submission Details

All applications need to be completed in full and the applicant is required to provide 10% equity into the project. The RLF manager of the NECOG-DC will be able to assist the applicant through the application process. Please read the application materials and the checklist carefully before submitting an application. All required documents must be included with the application. If any of the required items are missing, the application will be considered incomplete and will not be reviewed by the NECOG-DC Board until completed.

If you require assistance in completing the three years of financial projections and business plan, please contact Kelly Weaver or Carla Burns at the Small Business Development Center in Aberdeen at (605) 626-2565. No applicant may be denied a loan on the basis of race, color, national origin, religion, age handicap, or sex.

Contact Information
If you have any questions about the fund, don't hesitate to contact RLF Manager Alison Kiesz at the:
Northeast Council of Governments - Development Corporation
416 Production St N, Suite 1
Aberdeen, SD 57401
Ph: (605) 626-2595
Fx: (605) 626-2975